‘Gold Parties’ Cash In On Metal’s High Price

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‘Gold Parties’ Cash In On Metal’s High Price

May 14, 2008 by Angela Shupe | 2 Comments

ABC News:

Oil tops a record $120 a barrel? Bad news. Gold reaches a stunning $1,000 an ounce? Potentially very good news indeed.

Especially to Paige Rhodes, 40, of Alexandria, who has heaps of unwanted gold baubles cluttering up her jewelry boxes. Rather than wait for bold gold to come back in fashion — a return to the ’80s, anyone? — women are scrapping their unwanted gewgaws for cash or checks at wine-and-cheese “gold parties.”

Think Tupperware parties, but instead of buying plastic, guests bring gold (coins, watches, necklaces, teeth) to be assayed (tested) for carat content and weighed. Depending on the ounce-cost of gold that day, guests can walk away with hundreds or even thousands of dollars.

The party host pays them with cash or a check, then ships the gold to a refinery, where it is melted down and recycled. The refinery then pays the host — at a price higher than paid out to guests, the host hopes.

“Everybody wins,” says January Thomas, 29, of Royal Oak, Mich., who started MyGoldParty.com this year shortly after she married into a jewelry-dealing family and found out what she could get for her unwanted gold.

In News | 2 Comments
Tags: Money